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Carnival Corp to secure another $1 billion for Covid warchest

Cruise
Gary Noakes
15 September 2020

Carnival Corporation is to issue $1 million in new shares after reporting heavy losses in June, July and August.

The line removed the need for vaccinated guests to test prior to embarkation last Friday (12 August)

The order will create a new ship class for Carnival Cruise Line

The cruise giant said it would use the proceeds “for general corporate purposes” after reporting an adjusted third quarter loss of $1.7 billion. 

Since March, the company has raised nearly $12 billion through a series of financial transactions. The latest share issue follows a loan facility of $2.8 billion agreed in June and another $1.3 billion of secured bonds issued in July, among other measures.

Carnival said its average monthly cash burn in the third quarter was $770 million, in line with expectations. It estimates next quarter cash burn at $530 a month.